Welcome back! Some of you here in the U.S. may already be heading off for the Thanksgiving holiday (remember, elastic waistbands are your best friend at this time of year). Those of you who remain at your desks slogging away have my sympathy.

As private-equity fundraising slows, more firms may have to accept the prospect of smaller-than-anticipated funds, a trend that may play to the benefit of those that manage co-investment vehicles. As I report this morning, Boston-based HarbourVest Partners has rounded up $4.2 billion for its newest commingled co-investment fund, the latest of a small string of firms to close co-investment funds in the past month or so. Meanwhile, in another fundraising trend, Morgan Stanley Investment Management is launching an investment strategy aimed at backing companies that contribute to reduced CO2 emissions. But as WSJ Pro’s Luis Garcia reports, the firm is linking a portion of its carried interest to how well its portfolio does in achieving the fund’s emission goals.

Dive in for more details on these and other stories…

HarbourVest Partners has joined the growing number of firms rounding up capital to co-invest in deals alongside private-equity managers, Laura Kreutzer reports for WSJ Pro Private Equity. The Boston-based firm has closed HarbourVest Partners Co-Investment Fund VI LP with $4.2 billion, well above the fund’s $3.5 billion target. The new fund comes as more institutional investors have slowed their commitment paces and the amount of capital they are deploying into co-investments, according to some co-investment fund managers.

Morgan Stanley’s investment management unit is setting up a new investment strategy that aims to amass $1 billion to invest in companies with a goal of reducing CO2 emissions by one gigaton by the year 2050. The bank is linking a portion of the performance incentive compensation for the new strategy, which is already attracting interest from investors, to how well its portfolio achieves its carbon emissions goals, Luis Garcia writes for WSJ Pro Private Equity.

Ares Management Corp.’s credit strategy is backing veterinary services company Unavets Group, which operates in Spain and Portugal, with €116 million in fresh capital, equivalent to about $120.2 million, according to a news release. Majority owned by Oaktree Capital Management, Unavets said the investment from Ares would be used to refinance existing debt, fund expansion of current facilities and help the company acquire animal-health clinics and hospitals to grow its market share.

Infrastructure and real assets firm Stonepeak and Australian industry pension system Spirit Super have agreed to acquire 100% of GeelongPort Pty Ltd., the second largest port in the Australian state of Victoria, according to a press release. Under the terms of the deal, Stonepeak will hold a 70% interest in the deal while Spirit Super will hold the remaining 30%. GeelongPort  handles close to 12 million metric tons of cargo and more than 600 vessel visits each year, according to the release.

Backed by the Ontario Teachers' Pension Plan Board, NextEra Energy Partners LP said it has agreed to acquire a 49% interest in a collection of of renewable energy projects with total output capacity of about 1.5 gigawatts and 100% of the indirect membership interests in wind-power assets with peak capacity of 345 megawatts from its NextEra Energy Resources LLC affiliate. The publicly traded firm in Juno Beach, Fla., said the Canadian pension system is providing $805 million in convertible equity financing for the assets, the amount that NextEra said is the total consideration for the assets, which also come with an estimated $1.5 billion in tax equity financing. The generating assets and projects involved are located in Texas, Oklahoma, New York, Nevada, Iowa and Nebraska.

Los Angeles-based investment firm Gallant Capital Partners has backed a strategic growth investment in Lightning Step, an enterprise software provider serving the behavioral health industry.

Prospect Partners has recapitalized Entech, a cybersecurity services provider focused on Southwest Florida, according to a press release.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

A blank-check company led by former Farallon Capital Asia executives, George Raymond Zage and Diana Luo, saw its shares surge after completing a combination with dating-site and social-network operator Grindr Group LLC at an enterprise value of about $2.1 billion, according to Will Feuer with Dow Jones Newswires, research provider Boardroom Alpha and regulatory filings. Tiga Acquisition Corp. raised about $276 million through an initial public offering of shares at $10 each almost two years ago and faced a Nov. 27 deal deadline. The special purpose acquisition company said more than 98% of the shares, roughly 27.1 million, were redeemed, leaving few shares to change hands on the de-SPAC debut at $16.90 each. The stock soared to $71.51 before falling back to close at $36.50 in New York trading Friday, more than tripling from Thursday’s $11.63 close. Tiga had said it held about $284.4 million in trust before the deal and expected to pay $10.40 per share for redemptions. Grindr caters to the gay, lesbian, bi-sexual and transgender communities and generated about $147 million in revenue last year and roughly $77 million in adjusted pretax earnings, according to an investor presentation. The network had about 11 million active monthly users at the end of last year.

KLH Capital, a Tampa, Fla.-based private-equity firm focused on investments in founder- and family-owned companies, is seeking $350 million for KLH Capital Fund V LP, according to a regulatory filing. KLH targets investments in companies with $4 million to $20 million or more of earnings before interest, tax, depreciation and amortization, according to the firm’s website.

Last week, WSJ Pro Private Equity’s Chris Cumming spoke to Melanie Sponholz, chief compliance officer at Waud Capital Partners Healthcare about how the regulatory and compliance landscape for private-equity firms is changing and how firms should be adapting. A recap of their interview, which took place at last week’s Risk & Compliance Forum, is available at this link.

Aquiline Capital Partners in New York said it has recently added several executives and advisers to its investment, operations and debt teams, including Bruce Crabtree, Brevan D’Angelo, Henry Oelsner, Jeff Steinberg and Mark Hamilton. Mr. Crabtree, who leads the firm's software investments, joins from Primus Capital Partners, where Mr. Oelsner, a former NaviMed Capital investment professional, also previously worked. Mr. D’Angelo was most recently with SoFi. Mr. Steinberg is a former Redwood Analytics CEO and Mr. Hamilton, who leads Aquiline’s debt activities, previously worked for RBC Capital Markets. Messrs. D’Angelo, Steinberg and Oelsner serve as advisers to Aquiline as it expands in software and other growing technology sectors, according to an emailed news release. Set up by Chief Executive Jeff Greenberg in 2005, Aquiline managed about $9.2 billion at the end of September.

The Ontario Teachers' Pension Plan Board said it plans to write off its $95 million investment in cryptocurrency company FTX at the end of the year, joining a growing list of investors marking down their holdings in the Bahamas-based business that entered bankruptcy earlier this month. Write offs have been taken by Temasek Holdings and Sequoia Capital, among other backers of the once high-flying FTX.

Venture funds took it on the chin in the second quarter, as a PitchBook Data Inc. report shows funds in the private-markets segment fell to an internal rate of return, or IRR of negative 2.3% in the second quarter. That is the first trip into money-losing territory since the same period in 2016. Further declines are likely before things improve, PitchBook said, citing a general reluctance among VC managers to mark down asset values.

Operational improvements that private-equity firms make in Brazilian companies often have a larger impact than they would with businesses in developed countries because of Brazil’s inefficiencies, according to Spectra Investments, WSJ Pro Private Equity’s Luis Garcia reports for Dow Jones Newswires. An analysis that the São Paulo-based firm did of 239 Brazilian companies that private-equity firms backed from 2008 to 2017 shows that their adjusted pretax earnings rose an average of almost 19% annually, compared with 6.7% gains among private-equity-backed U.S. companies.

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Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Rod James; Laura Kreutzer; Chitra Vemuri.

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